The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-07-02
rig. dun & cos. REVIEW
OF THE TRADE OF The WEEK
IN ALL
Ats Branches Business Satisfactory
for the Season, but Of Unusual
Disturbance in speculation.

NEW York, July 1.-R. G. Dun &
Co., in their weekly review OF trade,
say: The week has been one OF satis-
factory business for the season, but OF
unusual disturbance in speculation.
Liquidation has reached the stock
market. A week ago, even while this
review was being written, sharp at
tacks began. The recovery WAS espe-
cislly rapid, but hesitation in prices
this week, notwithstanding very IA
vorable reports OF earnings, indicate
that the process OF liquidation may
not in all directions have been COM
plete3. AT their lowest, stocks were
down to the level Of Janusry last, as
their highest in Nay had accurately
corresponded with their highest aver
age before the break in December. A
corner in June wheat at New York
has succeeded as completely as the
Chicago corner failed, and the prices
made have been 80 palpably artificial
that June delivery sold, on the last
day o! the month, 22a cents above the
came grade for July. Nominally cash
wheat fell 81 cents on Friday, though
the sc'usl price for other uses
than the settlement OF specu-
lstive contracts was not above
SCI cenm on Thursday, and
S5Ac ON Friday. The Chicago market
Yves quiet, with east ward shipments of
5000, 100 bushels, crowding lake lines
to their full capacity. The June ex-
ports have been large, but the stock
carried over to the new crop year will
not fall much below sc, 600, 900 bushels
In excess OF the minimum, ald the
crop reports are generally favorable,
though prolonged drouth in some
parts OF the Northwest causes appre-
hension and may lessen the yield.
From Omaha and some OF the other
points come reports that real estate
excitement has abated, though prices
are maintained and large sums are be-
ing expended In building. II was es-
timated some weeks ago from returns
ct New York, where the proportion OF
new buildings in Eve months has been
AL per cent. to the assessed valuation
OF real estate, that the sum thus in
vested throughout the country must
be very large. Official returns for FIVE
months, from thirty.fge cities Of all
sizes and in various parts Of the coun-
try, now chow that the value of new
buildings in that time was Alp per
cent. OF the assessed valuation Of all
real estate therein in 1880, and the
tysntieis Of property Is per cent. at all
points, against IA per cent. at New
York. These figures would point TO
an expenditure in building OF 81, $780,
coo II the same activity should last
through the year, an to transfers OF
A,3e0,000. Ii need not be added that
reaction and diminished activity in
this dire ction are to be expected.
Available has been turned into fixed
capital, largely in railroad building,
though returns disappoint those who
expected larger mileage completed
this year than In 1882. So far the
mileage is 800 above lthat OF last year
10 date, but about 800 miles below the
completed work TO date in 1889, 1881
or 1888, and 25C0 below the record OF
1882. May aud June returns exceed
last years but little. But the new pc.
curitiee listed al the Stock Exchange
this year alresdy exceed Sl32, 900, 600
stock and 1888. 00o, 900 bonds. which In
part accounts for the hesitation In
prices.
General reports are almost without
exception satisfactory, trade being
good for the time OF year, collections
faf or better, and money in reasona-
be supply at ell interior points. The
disasters at Chicago and Cincinnati
seem 10 have had little effect else.
where. A most encouraging feature is
tie settlement as to wages In the
iron manufacture on 10 per cent. sd.
vance, snd the closing OF the builders
strike at Chicago, the shoemakers'
strike in Massachusetts and the ore
kandlers' strike at Cleveland. Toe
coke strike still keeps some furnaces
Idle, and stocks OF iron vest OF the
mountains are thought 10 have fallen
from 1874 07S tons May LIST, TO 100, 900
tons. An advance in August Ia hoped
Tor, and old rails have Tissn the past
week. The coal output for the half
year will exceed by 1900 tons the
largest previous output, and an adj
vance in pricesis again predicted. In
mes, other branches Of trade, the cor.
dltion 10 reported satisfactory for the
season.
Monetary Al xieties continue, how.
ever. The bank surplus has never
been a. low at this time OF any pre-
vious year, and the Treasury has
taken 10 81 100000 gold, while put.
ting out $4,000 currency. The
heaviest Withdrawal OF bank bonds
ever reported on q sing q day naturally
attends the maturing Of last call for 3
per cents, and Treasury officials are
disappointed becsu.e new deposits for
circulation reach only 81, 5000 The
one open supply Of money is the Lon.
don market, but recent events have
caused some sales OF stocks on foreign
account, and merchandise exports
from New York fall per cent. below,
while imports rise 10 per cent. above
those LAST year Tor June. Disburse-
ments for Interests and dividends this
month, however, are estimated at &c.,
100000. The business failures during
the last seven days number for the
United States l56, for Canada %, total
1871, compared with 1877 last week and
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